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Kenyan startup ranks top among global FinTech firms

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Kenyan technology company, GrassRoots Bima has been named as one of the top fintech firms around the world in the 2017 Fintech100 by KPMG Fintech and H2 Ventures.

GrassRoots Bima, an insurtech company established to meet the insurance needs of the mass market through innovative inclusive insurance, was nominated for transforming the world through eradicating extreme poverty, by mitigation of financial consequences as a result of insurable perils.

The 2017 Fintech100 is broken into two categories: the Leading 50, ranked based on innovation, capital raising activity, size and reach, and the Emerging 50, characterized by exciting new fintechs adapting innovative technologies, practices and new business models.

China was a global winner with the top three fintech firms on the leaders list.

Founded in 2016, GrassRoots Bima was named number 76, being the first time to make it on the list.

“It proves that the world is recognizing innovation growths in the financial sector. We are insuring bodaboda riders, mama mbogas, cab drivers, middle class, the uninsured and the underinsured through innovative and necessary technology means,” says Winnie Badiah, GrassRoots Bima CEO.

GrassRoot Bima’s proprietary technology solution, WazInsure, manages the entire insurance value chain and provides a seamless & customer-centric experience to policyholders while optimizing operations, making insurance easier and more transparent.

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“It makes the insurance value chain not only transparent but ultimately cheap and cost effective for all insurance stakeholders improving on work flow effectiveness, customer satisfaction and cost savings,” added Ms Badiah.

Firms categorized as ‘disruptors’ made up 73 of the top 100. Thirty-two firms were focused on lending following by lending with 21, transactions and capital markets with 15, and 12 in insurtech.

“Disruptive fintech companies continue to dominate the Fintech 100, representing strong interest from investors in business models and management teams that are seeking to radically change the industry paradigm,” said Ian Pollari, the global co-lead for KPMG Fintech.

“That said, the importance of ‘enablers’ — companies working in cooperation with financial services institutions to steadily improve products and services — has remained steady. Across the 2017 list, there are 27 such enablers; working across accounting, insurance and banking,” he added.

Twenty-nine countries were represented in this year’s Fintech100, seven more than 2016.

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